India Special Opportunities Portfolio

ABSL India Special Opportunities Portfolio follows a multi cap equity strategy focused on identifying and capitalizing on special opportunities created by temporary price dislocation arising from company specific factors, industry specific factors, regulatory factors, geopolitical factors and behavioural or technological factors. The portfolio primarily invests in companies that are expected to benefit from catalysts such as micro turnaround, macro turnaround, management change, deleveraging, demerger and companies with potential upgrade in market capitalization or accelerated secular growth. Portfolio construction typically allocates about 70 percent to 100 percent to companies benefiting from these catalysts over the next two to four years while up to about 30 percent may be allocated to secular growth names and companies performing consistently. Stock selection follows both bottom up analysis focusing on company fundamentals and competition and top down analysis assessing macro economic conditions and industry growth characteristics. The strategy emphasizes businesses with strong balance sheet, credible management, capital allocation track record, large opportunity canvas and ability to grow earnings faster than nominal GDP with reasonable valuation and margin of safety. Illustrative holdings include Bharat Dynamics Limited, ICICI Bank Limited, Bharti Airtel Limited, Axis Bank Limited and Persistent Systems Limited. Sector agnostic. Market cap combination of large cap, mid cap and small cap.